Liquidator's power to require surrender of security when a secured creditor votes, subject to court-approved valuation correction. Liquidator may require a secured creditor who voted based on his valuation to give up the security for creditors' benefit on payment of that valuation; the liquidator may apply to the Court to compel surrender, and the Court may allow correction of the valuation before surrender upon terms as to costs.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Liquidator's power to require surrender of security when a secured creditor votes, subject to court-approved valuation correction.
Liquidator may require a secured creditor who voted based on his valuation to give up the security for creditors' benefit on payment of that valuation; the liquidator may apply to the Court to compel surrender, and the Court may allow correction of the valuation before surrender upon terms as to costs.
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